Madoff's Sons Targeted By Feds, Ruth Madoff Heads South

Finally: The Daily News reports that prosecutors are looking to seize assets related to Bernard Madoff's sons. Apparently the jailed financier loaned his sons multimillion amounts: "Andrew Madoff [pictured], 42, could be on the hook for $9.5 million - half of that loaned just months before his father's arrest. Mark Madoff, 44, is listed as owing $22 million." Both sons were senior executives at their father's "investment firm," which ended up just taking billions from clients and not investing the money anywhere; the sons were also the ones who turned Madoff into the feds when their father confessed he was just running a Ponzi scheme. The feds also want $2.6 million worth of Madoff's wife's jewelry plus 35 sets of watches and cufflinks that belong to Madoff. As for Ruth Madoff, she declared her $9.4 million Palm Beach residence her primary home, perhaps a way to shield it from creditors.

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By Jen Chung in News on March 17, 2009 6:26 PM

Comments [rss]

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ANGRYGOD11

In some states even the declaration you are going to live as a resident is enough to qualify. George Bush Sr qualified as a Texan, although he owned property in Maine and only rented a hotel suite a few days in Houston. Texas had no state income tax.

abcohen

She hasnt lived full time in FLORIDA ever!!!! The FL state AG should totally arrest her on site - not allow her to use their state as a shield!!!!

faprilano

take it all from all of them. it's all bought with stolen money - every last bit of it - down to their friggin underwear.

matty

yeah, i mean, where else did they get any money from? If it all came from the business (read: scam) then, yes, even their underwear is stolen.

Mr Mel

And let's not forget his brother. They mustn't leave the scene wealthy.

Felix Hoenikker

Hang em' high.

NannyState

I'm sure there's someone out there willing to lend their basement so the Madoff Family can be 'processed' like the Romanovs. Bags of lime would also be greatly appreciated.